毕业论文外文翻译-企业绩效管理.doc

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1、外文文献翻译译文一、外文原文Corporate Performance ManagementAbstractTwo of the most important duties of a chief executive officer are (1) to formulate strategy and (2) to manage his companys performance. In this article we examine the second of these tasks and discuss how corporate performance should be modeled a

2、nd managed. We begin by considering the environment in which a company operates, which includes, besides outside stakeholders, the industry it belongs and the market it supplies, and then proceed to explain how the functioning of a company can be understood by an examination of its business, operati

3、onal and performance management models. Next we describe the structure recommended by the authors for a corporate planning, control and evaluation system, the most important part of a corporate performance management system. The core component of the planning system is the corporate performance eval

4、uation model, the structure of which is mapped into the planning systems database, simulation models and budgeting tools structures, and also used to shape information contained in the systems products, besides being the nucleus of the language used by the systems agents to talk about corporate perf

5、ormance. The ontology of planning, the guiding principles of corporate planning and the history of ”MADE”, the corporate performance management system discussed in this article, are reviewed next, before we proceed to discuss in detail the structural components of the corporate planning and control

6、system introduced before. We conclude the article by listing the main steps which should be followed when implementing a performance planning, control and evaluation system for a company.1. IntroductionTwo of the most important corporate tasks for which a chief executive officer is primarily respons

7、ible are (1) to formulate strategy and (2) to manage the companys performance. In this article we examine the second of these tasks and discuss how corporate performance should be modeled and managed. To perform is to accomplish, to achieve (desired) results or outcomes. So, when talking about corpo

8、rate performance, we are referring to the degree by which desired results or outcomes are achieved by a company. Managing corporate performance involves planning, controlling, analyzing and evaluating, not only the results achieved by the company, but also the means by which these results are reache

9、d. Among the results, or goals, pursued by most companies we can mention growth, market share, profitability and value creation; and the means to achieve these results include productivity, effectiveness, innovation and competitiveness. Those are the type of things we should have in mind when specif

10、ying a corporate performance management system. Before discussing how to model corporate performance, it is convenient to consider the environment in which a company operates, which includes, besides outside stakeholders, the industry it belongs and the market it supplies. The main aspects of an ind

11、ustry to be looked at when considering its influence on corporate performance are structure and regulation, the main competitors, entry barriers, substitute products and suppliers negotiating power. Associated questions are: How production is organized, vertically or horizontally? How much competiti

12、ve is the industry and who are the main competitors, those that capture the largest part of the market share? Is it unregulated, self-regulated or regulated by a government agency? How strong are barriers to the entry of new competitors? Can products from other industries function as substitutes for

13、 the ones produced in the industry? What about the power industry suppliers have when negotiating prices and trade conditions?At the opposite side of the industry in the corporate environment we have the market where the company trades its products, its main attributes being size, growth rate, segme

14、ntation, exit barriers and consumers negotiating power. Typical questions that should be asked when assessing its effect on corporate performance are: What is the market size, in dollars, for each of the companys products? What are the short-term and long-term market growth rates? Is it a wholesale

15、or a retail market? Are the sales cyclical? How can the market be segmented (by geography, purchasingpower, customer age, etc.)? Which barriers does a client run into when changing suppliers? Do clients have the power to impose prices and trade conditions?We call the people who have interest in or a

16、re affected by a companys performance its “stakeholders”, and group them in the categories of “insiders” and “outsiders”. The insiders are the companys entrepreneurs or controlling shareholders and its managers and employees. The outsiders include customers, suppliers, minority shareholders, debt ho

17、lders, the government in its roles of public goods supplier, regulator and tax collector, and also the communities where the company does business. It is important to note that stakeholders, besides being affected by, alsoinfluence corporate performance and it is often necessary to search for the ef

18、fects of this influence when appraising performance. That is meant to increase the depth of this brief analysis of corporate structure and external relations.Microeconomic theory considers the company as a social production unit that uses a certain technology to produce a set of outputs from a set o

19、f inputs. The function that maps input quantities into maximum output quantities obtainable from the inputs is called the “production function” or “production frontier”. Knowledge of this function is important for measuring the technical efficiency of a production unit, a very significant performanc

20、e metric. Several techniques exist forthe specification of production functions or frontiers, grouped under the names of “Data Envelopment Analysis” and “Stochastic Frontier Analysis”.Companies are created by entrepreneurs, the agents that organize and coordinate production with the help of professi

21、onal managers. Entrepreneurs play a crucial role in shaping corporate performance. On one side, recognized entrepreneurial capacity and also large contact networks are vital for raising the financial capital necessary to build structural or physical capital. On another side, the entrepreneurs reputa

22、tion and contacts are essential to attract the intellectual capital that, together with the structural capital, is the foundation of innovation capacity .A business model is a conceptual representation of the way a company does business. Its main components, are: the companys value proposition; the

23、targeted market segments; the distribution, marketing communications, and customer relationship channels; the core competencies needed; operating and management technologies; the partners network; and the revenue, cost and value creation models. Understanding the business model is the first step to

24、implement a corporate performance management system. The model should indicate whether the company has a broad customer base or targets specific market segments, and in the second case, identify these segments. The goods and services provided by the company and the commercial conditions under which

25、they are sold (including such things as guarantees, technical assistance, etc.), comprise the value proposition. The channel used for product distribution can be a direct-tocustomer sales channel through the Internet, or be comprised of bricks and mortar companyowned stores, wholesale agents, retail

26、 companies, etc. The company can use several marketing channels to get messages through to its customers, such as TV and printed media, and employ a call center to give support and receive complaints and suggestions from them. Core competencies are the ones the company needs to master in order to ga

27、in a competitive advantage in relation to other companies in the same marketplace. These competencies should rest on proper operational and management technologies, and be supplemented by a network of partners, if necessary. As a final point, a business model must include a revenue, a cost and a val

28、ue creation model in order to be profitable to the companys shareholders. We can think of the operational model of a company as encompassing an organizational model, a functional model and a corporate data model . The organizational model depicts, in an inverted hierarchical tree, the roles of the a

29、gents involved in the companys operation. The functional model portrays all the activities that together form the whole to which we refer by the expression “companys operations”, structured in logical, sequential steps forming operational processes. At last, the corporate data model is an entity-rel

30、ationship diagram that shows the main entities about which the company collects data with its attributes and the relationships between them.The last model we need to examine in order to understand the functioning of a corporation is the performance management model it uses, which is, in general, com

31、posed of four building blocks. The corporate governance system, the corporate performance planning, control and evaluation system, the individual managers performance planning, control and evaluation system and the management variable compensation system (or bonus system). The corporate governance s

32、ystem comprises three well known actors, the chief executive officer, the directors and the shareholders, and is designed to mediate the relations between them. Under the governance system, we find two planning and control systems, having as its targets the performance of the company (as a whole and

33、 of its divisions) and the performance of its individual managers, respectively. Linking these two systems we find a compensation system that assigns fractions of a bonus pool, which is a function of the aggregate company performance, to its managers on the basis of their individual performances. An

34、 effective management model should be forward-looking, that is, centered on the improvement of future performance, and focused on value creation.A thorough understanding of all the models described above is a necessary prerequisite for one to be able to plan, monitor, analyze, evaluate and control c

35、orporate performance. In the next section we will examine in more detail a crucial component of the management model previously described: the corporate performance planning, control and evaluation system.2. The Corporate Performance Planning, Control and Evaluation System.That shows the structure r

36、ecommended by the authors for a corporate planning, control and evaluation system, the most important part of a corporate performance management system. The core component of the planning system, as can be deduced from its central position in the mentioned figure, is the performance evaluation model

37、. The structure of this model is mapped into the systems database, simulation models and budgeting tools structures, and also used to shape information contained in the systems products, besides being the nucleus of the language used by the systems agents to talk about corporate performance. The cor

38、porate planning and control process is formed by the coordinated actions of the planning and control agents, whose aim is the generation of the systems outputs, which include assumptions, goals, forecasts, plans, budgets, investment projects, performance valuations, variance analysis, etc. These pro

39、ducts take the form of paper and electronic documents and spreadsheets, and of PowerPoint presentations. The agents follow an agreed upon time schedule and rely on a business intelligence (BI) software to support their actions. The BI software implements the performance evaluation model for the purp

40、oses of representing and simulating corporate performance and provides the necessary tools for the systems agents to produce the systems outputs. Data used by the system comes from the accounting and other corporate databases. In the following sections of this article we will examine in detail each

41、of the aforementioned planning system components. Before proceeding, however, we will make a pause to discuss the ontology of planning. One can readily identify in this figure three major structures: the strategic, the motivation and the action frameworks. In the strategic framework, which is chiefl

42、y related to the risk versus return dialectics, we can identify the external influences to corporate performance, comprising both opportunities and threats, and the internal ones, materialized by strengths and weaknesses. Suppliers and consumers negotiating power, entry and exit barriers, competitor

43、s and substitute products are the main determinants of external influences. Technological change has also a pervasive influence on corporate performance. Comparing the motivation (ends) and action (means) frameworks, we can associate various levels or layers in which corporate aims are defined to th

44、e corresponding action classes, that is, vision to mission, long term goals to strategy, short term goals to tactics and actual results to actual actions. Policy and business rules are restrictions under which strategy and tactics, respectively, must be formulated, and actual action carried out.It m

45、ay be convenient, at this point, to give a general definition of the terms “planning” and “control”. Corporate planning is a process by which management define the desired future performance of a corporation, and identify and decide on the actions that need to be taken in order to achieve that perfo

46、rmance. The main steps comprising a planning cycle are exposed . Corporate control, on the other hand, is an operational process which aims to check whether the actual performance is in accordance with the planned one, and, eventually, to modify the planned actions in order to guarantee that the fin

47、al desired performance will be met. The corporate budget is one of the most important outputs of the corporate planning and control process. It is the prime management tool used to improve corporate performance and to align management interests with those of the shareholders. We can conclude this se

48、ction by stating the nine guiding principles of corporate planning and control:i. Planning is concerned in first place with results and in second place with the means to achieve these results.ii. Planning is concerned with the present value of costs and benefits to be incurred in the future as a con

49、sequence of decisions undertaken in the present.iii. The main objective of planning is to create value for the corporations shareholders.iv. For the above goal to be met, it is necessary to fulfill customers expectations concerning quantity, price and quality of marketed products at the least possible cost, and to maintain a skilled and fully motivated workforce.v. Planning and control activities should be organized through a system whose components are the planning and control agents, process, time schedule,